Telecom Italia : Les 3 options post-CMD : clarification, Vivendi ou un sauveur (Iliad ?)
>Un écart de calcul jusqu’à 1,8 Md€ dans un CMD qui laisse des traces - Le CMD d’hier a été un échec rare, le CFO de Telecom Italia ne pouvant expliquer l’écart entre son objectif de dette nette 2026 et de génération de FCF sur 2025-2026. L’objectif de levier de 1.6-1.7x l’EBITDAal pro forma suggère une dette nette après leases de 7.0-7.5 Md€ en 2026 vs 7.2 Md€ fin-2024. Or le groupe, qui ne prévoit pas de payer de dividendes, anticipe de générer près de 1,5 Md€ de FC...Telecom Italia is a telecommunications group based in Italy. Co. is engaged in the communications sector and, particularly, the fixed and mobile national and international telecommunications sector, the television sector and the office products sector. Co. operates mainly in Europe, South America and the Mediterranean Basin. Co.'s operations are organized along two operating segments: Domestic - Italy (providing telephone and data services on fixed-line and mobile networks for final customers (retail) and other operators (wholesale)); and Brazil (operates in the mobile phone, fixed telephony, in long-distance and data transmission markets in Brazil).
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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